Spain – Japan
JPY-denominated export growth accelerated rapidly to +11,3% year-on-year in February from +1,3% in January.
This figure attracted attention for three reasons. First, it signaled a relatively strong start to the year for the Japanese economy. Secondly, a closer look at export growth factors reveals a notable improvement in demand in Asia, as Japanese exports to China and ASEAN increased +28,2% year-on-year and +10,5. 1,5% year-on-year, respectively. Third, a growth in net exports to the United States (+1,2% year-on-year) raises concerns about rising tensions with the Trump administration. Looking ahead, we expect trade to conform to these prospects. In the near term, GDP growth is expected to enjoy an export-led acceleration on the back of stronger demand from Asia and the United States. In the long term, sustained expansion will depend on the direction of US trade policy. Euler Hermes cautiously forecasts that the Japanese economy will grow by +2017% in 1 (after +2016% in XNUMX).
Source: Solunion
Weekly Export Risk Outlook – Euler hermes
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